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Financial Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2015

Fair Values of Derivative Instruments

The following table summarizes the fair values of derivative instruments as of December 31 for the year indicated and the line items in the accompanying consolidated balance sheets where the instruments are recorded:

		December 31								December 31
In thousands			2015				2014				2015				2014
Balance sheet caption			Prepaid Expenses and Other Current Assets								Other Current Liabilities
Designated as hedging:
Forward foreign currency exchange contracts		$	955			$	3,106				$1,545			$	394
Not designated as hedging:
Forward foreign currency exchange contracts		$	68			$	70				$49			$	161

Income or Loss from Derivative Instruments Recognized in Results of Operations

The following table summarizes the amount of income or loss from derivative instruments recognized in our results of operations for the periods indicated and the line items in the accompanying consolidated statements of income where the results are recorded:

		Year ended December 31
In thousands			2015				2014				2013
Designated as hedging:
Forward foreign currency exchange contracts:
Effective portion – cost of products sold		$	5,752			$	(655	)		$	(945	)
Ineffective portion – other – net			(152	)			184				38
Not designated as hedging :
Forward foreign currency exchange contracts:
Other – net		$	599			$	1,599			$	(455	)

Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income

A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income is as follows:

In thousands			2015				2014
Balance at January 1,		$	3,282			$	(1,296	)
Deferred (losses) gains on cash flow hedges			2,292				3,923
Reclassified to earnings			(5,752	)			655
Balance at December 31,		$	(178	)		$	3,282

Designated as Hedging [Member]

Outstanding Derivatives Used to Hedge Foreign Exchange Risks

We had the following outstanding derivatives that were used to hedge foreign exchange risks associated with forecasted transactions and designated as hedging instruments:

		December 31
In thousands			2015				2014
Derivative
Sell/Buy – sell notional
Euro / British Pound			10,527				4,592
Sell/Buy – buy notional
Euro / Philippine Peso			758,634				523,313
British Pound / Philippine Peso			542,063				260,535
Euro / U.S. Dollar			51,433				32,527
U.S. Dollar / Canadian Dollar			34,649				10,036

Not Designated as Hedging [Member]

Outstanding Derivatives Used to Hedge Foreign Exchange Risks

		December 31
In thousands			2015				2014
Derivative
Sell/Buy – sell notional
U.S. Dollar / Euro			–				4,000
U.S. Dollar / British Pound			10,000				9,000
Euro / British Pound			–				2,000
British Pound / Euro			3,500				–
Sell/Buy – buy notional
Euro / U.S. Dollar			12,500				–
British Pound / Euro			13,500				3,000

X

- Definition

Tabular disclosure of the effective portion of gains and losses on derivative instruments (and nonderivative instruments) designated and qualifying in cash flow hedges recorded in accumulated other comprehensive income (loss) during the term of the hedging relationship and reclassified into earnings during the current period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

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-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 4A
-Subparagraph (b)
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+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

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+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

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